Area Housing Market Continues at Fast Pace with Strong Sales in Q1

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The Hudson Valley’s housing market began the first quarter of 2021 at the same fevered pace that closed 2020 with strong sales in Westchester, Putnam, and Dutchess Counties, according to a report released this week by BCW member Houlihan Lawrence. According to the report, single-family homes sold in Westchester increased 38.9% from the first quarter of 2020, while the median sale price rose 10.9%. Homes sold in Putnam rose 63% and median sale price rose 16%. In Dutchess, homes sold rose 38.4% and median sale price was up 25.9%. All submarkets surveyed in the three counties showed increases in homes sold and median sale price.

The northern suburbs have remained top choices for NYC residents searching for a more bucolic setting as well as for area residents looking to trade up or trade down.  But pent-up demand continues as inventory remains at record low level. “If the opportunity avails, there is no better time to list your home. There is high demand in all three counties and most price points. The number of showings has increased considerably year over year, and with fewer homes on the market, it is typical to have more than one buyer interested in a property. This is creating multiple bid situations on properly priced homes, and sellers are reaping the benefit,” said Liz Nunan, President and CEO, Houlihan Lawrence.

While inventory is down 37% in Q1 as opposed to last year in Westchester, sales are up 38.9%. This has created strong demand in all price points. As a result, the median price rose as well. This increase in sales was quite consistent throughout Westchester. Putnam and Dutchess Counties are experiencing the same decline of inventory and a big uptick in sales. Since the pandemic, buyers are less concerned about the distance to New York City. They are either planning to work remotely or at least part of the time, thus making the commute less of a burden.